Reply to Virginia is for Suckers: VA leg looking to spend $1B to lure Washington Commanders

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m not sure you understand how public finance works. Why wouldn’t Virginia bid on getting the new stadium?  How do you think Maryland got FedEx from DC’s RFK?

That’s how these kind of projects are built, via public finance through bonds in which the future collected taxes (property or sales) are pledged for future debt payment. I worked on the deal for Nats Park (which almost went to Virginia in Pentagon City) and the Ravens stadium for example.

This proposal of how the state would pay for the stadium is completely normal.  [/quote]

Public financing of football stadiums is a complete waste of taxpayer money.  $1B for 8-10 games a year, at 100,000 at max attendance.  1 Million in total attendance.   Yes, there may be a few extra events a year, but some of those are simply events that would be held elsewhere.   In contrast, many MLB teams draw 2M plus in attendance over a year, excluding playoff games.  Basketball/hockey arenas draw perhaps 1.5 Million a year.  Moreover, NFL teams are richer and can afford to pay their own way.  [/quote]

Again - did you even bother to read the link?  Taxpayers aren't footing the bill.   :roll:  :roll:

George Perry, a business professor at George Mason University spoke to WUSA9 about the legislation by phone. Perry, who worked as a sports marketing executive for 23 years (including more than one year with the Commanders) said on its surface, [b]the legislation does not authorize a taxpayer funded stadium deal. [/b]

“It doesn’t appear so,” Perry said shortly after details of the legislation were released Thursday night.[b] “It’s a creative way to finance a stadium without using direct taxpayer money.”[/b][/quote]

DP.  I think you’re the one who didn’t read the article.  The bonds are expected to be repaid through tax revenues generated by the stadium.  If those tax revenues are less than expected because they are being overly optimistic about people’s willingness to trek out to the exurbs to watch a failing football franchise, those payments will still come due and how do you think they will be paid?[/quote]

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